CHICAGO (Dow Jones) — U.S. farmers will plant 96.759 million acres of corn and 75.959 million acres of soybeans in 2012, according to projections by private analytical firm Informa Economics.
Informa’s corn-acreage estimate is up 4.83 million from last year, and 895,000 above the U.S. Department of Agriculture’s estimate in March of 95.864 million.
Rapid corn planting in the spring is believed to be a feature in the corn acreage being up more than 600,000 acres from Informa’s May estimate as planting momentum added corn acreage versus earlier expectations, Informa said, according to trade sources.
Informa had been expecting additional corn acreage due to last season’s profitable experience despite yield losses combined with the recognition that corn has more upside yield potential than other crops, namely soybeans, Informa said, according to trade sources.
The firm’s soy-acreage forecast is up 983,000 acres from last year, 2.1 million above the USDA’s March estimate and 137,000 above Informa’s May estimate. Compared with Informa’s May area estimate, the eastern corn belt is expected to plant 30,000 fewer acres while the western corn belt is up 50,000, traders said Informa noted in the forecast.
Futures prices were unfazed by the Informa data, as the acreage estimates didn’t change enough from May to warrant any significant influence on prices, analysts said. The market feels confident in acreage outlooks at this point, analysts added.
Informa’s survey indicated 13.5 million acres of spring wheat and 2.4 million acres will be seeded to durum. Compared with last year, other spring wheat and durum area are each expected to be up 1.1 million acres, traders said. The other spring wheat and durum estimates are unchanged from Informa’s May acreage report, traders said.
All wheat acreage is estimated at 57.6 million acres, which is up 3.2 million acres from 2011, but unchanged from Informa’s May estimate.
All cotton acreage intentions are estimated at 13.0 million acres, which is down 1.8 million from last year and 145,000 above Informa’s May estimate, traders said.
The USDA, in its prospective planting report released March 31, projected corn plantings at 95.864 million acres, soybean plantings at 73.902 million acres, spring wheat plantings at 11.976 million acres, durum at 2.223 million and cotton plantings at 13.155 million. The agency is scheduled to release its planted acreage forecast on June 29.
Last year, U.S. farmers planted 91.921 million acres of corn, 74.976 million acres of soybeans, 12.394 million acres of spring wheat, 1.369 million acres of durum wheat and 14.735 million acres of cotton.
Source: Dow Jones
Posted by Haylie Shipp